Equities in Canada’s biggest market opened lower on Tuesday, after weak Chinese inflation data fed concern about the global growth outlook and crude oil failed to sustain an earlier bounce.
The S&P/TSX composite index gave up 62.81 to begin the session at 13,419.81.
The Canadian dollar grew 0.11 cents at 75.37 cents U.S.
Canadian Pacific on Monday said 12 of the 13 freight train cars that derailed in Wisconsin on Sunday have been placed back on the rails and were being moved to an adjacent site for evaluation. The remaining car will be unloaded into containers and scrapped as it could not be safely re-railed.
CP shares plummeted at the outset Tuesday by $2.68, or 1.4%, to $186.11.
The rupture of TransCanada Corp’s natural gas pipeline in 2013 in Alberta was caused by "miscommunication" between staff and contractors that built the piece of the line that failed, the company said on Monday. TransCanada, the company behind the recently rejected Keystone XL oil pipeline, made the comments after a report last week from Canada's transportation safety watchdog on the gas line rupture.
TransCanada shares dropped two cents each at $43.16.
The mutual fund Sequoia's loss on Valeant Pharmaceuticals International underscores the danger of placing a big bet on an individual stock. But while Sequoia is an extreme example, it is not the only mutual fund doing it. The gamble on Valeant was extreme in an industry known for risk aversion, and by far the most concentrated bet among $1 billion-plus domestic funds.
Valeant shares slid $3.62, or 3.2%, to open at $109.62.
RBC cut the target price on AIMIA Inc to $13.00 from $14.00 saying that 2015 has been a transition year for the company in absence of a U.S. coalition loyalty program.
AIMIA shares skidded four cents to $11.61.
National Bank Financial raised the target price on Heroux-Devtek to $15.50 from $14.00 to reflect significant growth driven by the new Boeing 777 complete landing gear contract.
Heroux shares galloped 59 cents, or 4.5%, to $13.50.
ON BAYSTREET
The TSX Venture Exchange eked up 0.01 points to 533.73
All but three of the 13 TSX subgroups were lower, as metals and mining retreated 1.7%, gold demurred 1.6%, and consumer discretionary stocks eased 1.5%.
The three gainers were utilities, progressing 0.4%, energy, boosting itself 0.3%, and real-estate, up 0.2%.
ON WALLSTREET
U.S. stocks traded mostly lower Tuesday, following Monday's roughly 1% decline, as investors continued to weigh the likelihood of a December rate hike.
The Dow Jones industrial average fell 71.45 points to open at 17,659.03. The Dow Jones industrial average is back in negative territory for the year so far.
Apple fell more than 2.5% as the greatest weight on the Dow after a Credit Suisse report said the iPhone maker has cut as much as 10 percent of its component orders.
The S&P 500 dropped 2.33 points to 2,076.25, with information technology leading five sectors lower and utilities leading advancers.
The NASDAQ index stumbled 28.82 points to 5,066.48, as declines in Apple and semiconductor stocks weighed.
Import prices declined 0.5% in October, while export prices fell 0.2%.
U.S. small business optimism was unchanged at 96.1 in October, with hiring stagnant even as more owners expected higher sales and more planned to make capital outlays, the National Federation of Independent Business said.
Wholesale inventories rose 0.5% in September.
Prices for 10-year U.S. Treasuries gained ground, lowering yields to 2.33% from Monday’s 2.35%. Treasury prices and yields move in opposite directions.
Oil prices hiked 60 cents a barrel to $44.47 U.S.
Gold prices plunged four dollars to $1,088.31 U.S. an ounce.
